Since 2017, the average ransomware demand has grown thirty-fold, according to NetDiligence's Ransomware 2022 Spotlight report. The average demand in 2021 averaged $751,000. The year prior the average was $357,000, NetDiligence reported.
Ransomware was the leading cause of loss for small- and medium-sized enterprises (SMEs) for the third year in a row, according to Mark Greisiger, president of NetDiligence. SMEs were defined as organizations with $2 billion or less in annual revenue.
Business email compromise was another major driver of cyber losses. Combined, ransomware and business email compromise events accounted for 44% of all cyber claims from 2017-2021, and nearly 50% in 2020 and 2021, according to NetDiligence's report.
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Steve Hallo
Steve Hallo is managing editor of PropertyCasualty360.com. He can be reached at [email protected]
